Recently below mentioned happened to I and my wife please guide us
Rajsingh4@hotmail.com
On our visit to India in Jan we got thrilled to know that HDFC Bank is offering 9.5% interest rate on a Fix deposit scheme, I and my wife got excited and went to the closet branch to inquire regarding the same, upon arrival we were greeted by the Bank staff who showed ample amount of hospitality and we felt very comfortable investing our money in form of Fix Deposit. We were called in a day after with all our paperwork and a new account was opened while I had an existing account in Sec 17 Gurgaon. I was kind of confused on why this new account is being opened but I kept my mouth shut because I was very excited about the 9.5% interest rate on 1 CR FD.
Next day on our shopping trip to Mohali I got an opportunity to visit Phase 7 HDFC bank where I was greeted by the manager and subordinates and I felt very welcomed. While discussing about the FD the bank manager introduced me to one of his subordinates and they both babbled about opening a Crest account with HDFC bank. They assured me fix returns and assured me that I will make way more money in next 5 years than I will make in a FD.
My situation is this that I didn’t want to risk any money because my daughter is going to college in 5 years and this money was to be used for her education, I presented my concern to the manager and he assured me the following.
1. We will get a Crest account @ 9.37 per unit for next 5 years.
2. On 5th year either I take my money and walk away with 15 Rs per unit or I wait for 7 years and get the benefit of max NAV which could reach 22 per unit.
3. Upon receiving the jolly good news I asked him about the fee associated with it. I was told 4% for 1st and 2nd year, 3% 3rd year and 2 % for last 2 years.
I got very excited and asked him to write everything on a piece of paper and give it to me so I have a quick note if someone asks me, the total calculation after 5 years of FD and Crest came out be 1 Cr and 71 lakhs which included my initial amount of 1cr in FD decreasing 20 lakh each year.
After coming to USA I got my CREST papers checked from a learned person because I had a suspicion that something was fishy after watching a clip on YouTube.
I feel very CHEATED and depressed by the lies told to us by your organization employees for a small commission.
FOLLOWING WAS TOLD TO ME WITH GREAT ASSURITY
• I was told that I will buy units @ 9.37 for next 5 years not as per going NAV.
• I was told after 5 years I can with draw @ Rs15 per unit ,Not after 10 years
• I was told after 7 years I can withdraw my money to the greatest NAV which is expected to reach 22 . That’s a total LIE
• I was told there is a TAX benefit. But they didn’t tell me laws can change any time
• I was told following fee will be deducted 4% for 1st 2 years, 3% for year after and 2 % for last 2 years. But skipped all other fee.
• I was promised 71 lakhs after 5 years if I get FD and Crest together
• I was told free insurance is provided with Crest account to attract customer but didn’t tell me there are hidden charges.
• My wife had to go through a intense MEDICAL CHECKUP but your websites says we don’t have to have medical.
• I was not told about the maturity date of 10 years.
• I was not told about the Risk/Mortality charge, Policy administration charge, Investment guarantee charge, fund management charge, all this charges come to Rs2 lakh and 48 thousand.
• The paper work came after few days to USA while we were still in India.
I have a disability which limits my capabilities to live a normal life like you or anyone else, this money was solely for my daughter’s education which somehow went into wrong
hands,for a mere amount of commission they have put I and my wife into a situation which will put us in lots of heart breaks if this is not resolved promptly.
Respectfully,
Kiran Dhanota and Major Raj Singh (Retired)